financetom
Market
financetom
/
Market
/
Biotech stocks tumble on reports FDA's top vaccine regulator to leave
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Biotech stocks tumble on reports FDA's top vaccine regulator to leave
Mar 31, 2025 4:43 AM

(Reuters) -Shares of U.S. biotech companies fell as much as 10% premarket on Monday following reports that a top vaccine official at the U.S. Food and Drug Administration had resigned, fanning worries over slower reviews for breakthrough treatments.

Peter Marks, who played a key role in U.S. President Donald Trump's first term in developing COVID-19 vaccines, will leave effective April 5, the Wall Street Journal and other media outlets reported on Friday.

As director of the FDA's Center for Biologics Evaluation and Research, Marks has publicly supported programs that expedited the development of rare disease treatments and gene therapies during his tenure.

Shares of gene therapy makers including Taysha Gene Therapies ( TSHA ), Solid Biosciences ( SLDB ) and Sarepta Therapeutics ( SRPT ) were down between 4% and 10% in premarket trading.

The resignation "could put some pressure on companies whose drugs are currently, or planned to be, under review by (the FDA)," said Truist Research analyst Joon Lee in a research note.

The three companies are all developing gene therapies to treat rare conditions. Shares of vaccine maker Moderna ( MRNA ) also fell 2.7% to $30.28 before the opening bell.

The reports said Marks was given the choice by a Health and Human Services (HHS) official to resign or be fired.

Marks did not respond to a request for comment over email on Monday.

Last week, U.S. Secretary of Health and Human Services Robert F. Kennedy Jr. announced plans to reshape federal public health agencies. The overhaul will involve cutting 10,000 jobs, including 3,500 at the FDA.

(Reporting by Manas Mishra in Bengaluru; Editing by Sriraj Kalluvila)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Japan's Nikkei rebounds as US jobs data calms recession fears
Japan's Nikkei rebounds as US jobs data calms recession fears
Aug 8, 2024
(Updates with current levels as of 0230 GMT) By Brigid Riley TOKYO, Aug 9 (Reuters) - Japan's Nikkei share average rebounded on Friday, as a surprise drop in U.S. unemployment claims assuaged recession fears that had contributed to a massive sell-off at the start of the week, while a softer yen also provided some respite. The Nikkei was up 1.6%...
Palantir, SoundHound AI, Unity Software, The Trade Desk, Tesla: Why These 5 Stocks Are On Investors' Radars Today
Palantir, SoundHound AI, Unity Software, The Trade Desk, Tesla: Why These 5 Stocks Are On Investors' Radars Today
Aug 8, 2024
On Thursday, major U.S. indices closed higher, with the Dow Jones Industrial Average rising nearly 1.8% to 39,446.49, the S&P 500 surging 2.3% to 5,319.31, and the Nasdaq climbing almost 2.9% to 16,660.02. These are the top stocks that gained the attention of retail traders and investors throughout the day: Palantir Technologies Inc. ( PLTR ) Palantir ( PLTR )...
Japan's Nikkei rebounds as US jobs data eases slowdown fears
Japan's Nikkei rebounds as US jobs data eases slowdown fears
Aug 8, 2024
TOKYO, Aug 9 (Reuters) - Japan's Nikkei share average rebounded in early trade on Friday, as a surprise drop in U.S. unemployment claims assuaged recession fears, while a softer yen also provided some respite. The latest unemployment data suggested that fears the U.S. economy could be heading for a hard landing may have been overblown and the gradual softening in...
Sector Update: Financial
Sector Update: Financial
Aug 8, 2024
03:32 PM EDT, 08/08/2024 (MT Newswires) -- Financial stocks were higher in late Thursday afternoon trading with the NYSE Financial Index rising 1.6% and the Financial Select Sector SPDR Fund (XLF) gaining 1.7%. The Philadelphia Housing Index climbed 2.1%, and the Real Estate Select Sector SPDR Fund (XLRE) increased 0.9%. Bitcoin (BTC-USD) jumped 8.4% to $59,783, and the yield for...
Copyright 2023-2025 - www.financetom.com All Rights Reserved